Roughly 15 new brands hit the Czech market over the first 6 months of the year, according to a study by Cushman & Wakefield. The pace of new openings tends to speed up in the second half of the year, says C&W’s Head of CEE Retail Jan Kotrbáček. That suggests that 2022’s total for the Czech Republic could be similar to 2021’s final count of 38. Six of this year’s newcomers opened on Prague’s high streets, while another five chose its shopping centers. Kotrbáček notes that office buildings are increasingly popular locations for new stores as they often offer more space at more acceptable rents.
On the luxury side of things, Chanel and Balenciaga are the headliners, both of whom chose the northern side of Pařížská Street. The last couple years haven’t been all positive, of course. Promod, Camaieu and Pietro Filipi all stopped trading on the Czech market, while Celio has revived its fortunes through cooperation with CSAG.
Kotrbáček says the brands who weathered the pandemic best were those who figured out how to innovate their way out of it. “Consumer patterns evolve very rapidly, and shopping habits change – and brands need to be responsive in order to keep their existing customers and win new ones. It is crucial to constantly innovate while investing in digitalizing sales and communicating with clients.”
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